Audit Committee Report This report provides an insight into the role and activities undertaken by the Audit Committee during the year under review, in compliance with Paragraph 15.15 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. TERMS OF REFERENCE The Terms of Reference (TOR) of the Audit Committee (AC) sets out the authority, responsibilities and duties of the AC in accordance with the Main Market Listing Requirements (MMLR) and the Malaysian Code on Corporate Governance (MCCG). The TOR is published on the Boustead Plantations Berhad (BPlant or the Company and its subsidiaries collectively referred to as the Group) website at www.bousteadplantations.com.my. The fundamental role of the AC is to assist the Board of Directors (Board) in executing its oversight responsibilities in the areas of financial reporting, internal and external audit, internal control system, review of audit results, governance integrity, related party transactions and overall internal financial controls. COMPOSITION AND INDEPENDENCE The membership of the AC is in line with Paragraph 15.10 of the MMLR and Practices 9.1 and 9.2 of the MCCG. Practices 9.1 and 9.2 of the MCCG state that: The composition of the AC during the year under review were as follows: Member Directorship Tenure (Dr.) Salihin Abang Independent Non-Executive Director (Chairman of the AC) 3 years Tan Sri Dato’ Wira Aziah Ali Independent Non-Executive Director 5 years Maj. Gen. Dato’ Seri Haji Khairuddin Abu Bakar (R) J.P. (Deceased on 7 February 2024) Non-Independent Non-Executive Director 2 years Datuk Haji Abdul Ghani Abdul Rashid (Resigned w.e.f. 31 January 2023) Independent Non-Executive Director Less than 1 year Fahmy Ismail (Appointed w.e.f. 13 February 2024) (Resigned w.e.f. 15 May 2024) Non-Independent Executive Director – The Chairman of the AC, (Dr.) Salihin Abang, is a qualified accountant and a member of the Malaysian Institute of Accountants. The Chairman of the AC is not the Chairman of the Board; and the AC has a policy that requires a former partner of the Company’s external auditors to observe a cooling-off period of at least three years before being appointed as a member of the AC. For the year under review, none of the Committee member was a key audit partner of the Company’s external auditor. Integrated Report 2023 123
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